222 The Hon. Walter Mines Page [June 12, 



for it. It reduces the numl)er of public officers and concentrates 

 responsibility. The plan has worked admirably, and every year more 

 cities adopt it. 



Any visitor to the United States of twenty years ago who heard 

 and saw so many evidences of the bad, because neglected, city 

 government, could hardly believe that such a change could come in 

 so short a time — a general change to extraordinary efficiency and 

 beauty. Again, I remind you that this evil was never universal, 

 nor has it yet been wholly cured. But the change that has taken 

 place is one of the most noteworthy advances made in government 

 anywhere during the last two decades. 



Another example of long-delayed action because a large democ- 

 racy does not take up its tasks in logical order, was the postponement 

 for a generation of the necessary amendment of the banking and 

 currency system. A system was devised during the Civil War, more 

 than half-a-century ago, which was skilfully aimed to make a market 

 for Government loans ; and to this day a part of our currency is 

 issued against an evidence of national debt. Theoretically, it looks 

 suicidal ; but practically, since the National Debt has become very 

 small, it developed many advantages. Still, it was economically 

 wrong and absurd. It was a piece of war legislation to force a 

 market for Government bonds. 



One result of the existing banking habits has been to localize 

 and to concentrate credit. This old system remained until this 

 year. For many decades it was difficult to get a sufficiently clear 

 understanding of it in the minds of the mass of men — for it is a 

 technical and involved subject. Yet the leaders of one political 

 party made an agitation for a change, and now the leaders of the 

 otheV great political party have enacted a new law — a law that many 

 American economists regard as the most important piece of con- 

 structive legislation since the Civil War. 



However long a problem may be delayed, therefore, such an event 

 as this warrants the conclusion that no important task is likely to 

 be entirely forgotten. A day for its doing will come at last. And, 

 after all, a delay of half-a-century is not long in the life of an 

 economic society that has had many more brand-new duties to do 

 than there has been time to do them. Such an experience teaches 

 us not resignation to a bad condition, for there has never been a 

 day when thoughtful men forgot that this old banking and currency 

 system was temporary ; but it does teach us patience. A big 

 democracy need not become impatient any more than a glacier need ; 

 for its slow pace never ceases. 



Thus a grasp on a few principles and on a few methods will 

 enable us to understand the orbic quality of the American democracy 

 and to classify its achievements and its delays intelligently. For its 

 phenomena are not a series of unrelated e\ents and activities. On 

 the contrary, they show a definite, if sometimes irregular, movement 



